Taking a closer look at the technical analysis of Bitcoin, it appears that the cryptocurrency has experienced a significant breakthrough by surpassing the psychological level of $30,000.
Earlier today, Bitcoin struggled to stay above the $30,700 level, which has acted as a double top resistance recently.
However, the latest candlestick patterns suggest continuing the bullish trend, indicating that Bitcoin can break above the $30,750 level.
If Bitcoin successfully breaks above $30,750, the next significant resistance level can be found at around $31,900, with further upside potential towards $32,350.
On the other hand, a failure to break above $30,750 could result in a retracement towards the immediate support level at $29,800, followed by the 23.6% Fibonacci retracement level around $29,300 or the 38.2% retracement level near $28,400.
To summarize, it is important to closely monitor the $30,750 level as it will likely be a pivotal point for Bitcoin's price movement today.
Earlier today, Bitcoin struggled to stay above the $30,700 level, which has acted as a double top resistance recently.
However, the latest candlestick patterns suggest continuing the bullish trend, indicating that Bitcoin can break above the $30,750 level.
If Bitcoin successfully breaks above $30,750, the next significant resistance level can be found at around $31,900, with further upside potential towards $32,350.
On the other hand, a failure to break above $30,750 could result in a retracement towards the immediate support level at $29,800, followed by the 23.6% Fibonacci retracement level around $29,300 or the 38.2% retracement level near $28,400.
To summarize, it is important to closely monitor the $30,750 level as it will likely be a pivotal point for Bitcoin's price movement today.
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Bitcoin has experienced an increase of almost 2% within the last 24 hours and nearly 15% over the past week.
It holds the top position on CoinMarketCap with a market capitalization of $594 billion.
The circulating supply of Bitcoin is 19,410,556 BTC coins, with a maximum supply of 21,000,000 BTC coins.